Building a Lifestyle Hotel Brand in Costa Rica | Bill Graf E52

14 snips

Oct 7, 2025

Bill Graf, former investment banker turned founder and CEO of ONDA, shares his inspiring journey of trading Wall Street for a boutique hotel brand in Costa Rica. He discusses uncovering hidden opportunities in small hotels and the unique challenges of buying real estate abroad. Bill offers insights on keeping properties full year-round through innovative strategies and the advantages of investing in Latin America. His vision for ONDA blends the social energy of hostels with boutique comforts, making it a game-changer in the hospitality sector.

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ANECDOTE

Hostel Week Sparked A Career Pivot

Bill quit private equity and traveled for months after a transformative hostel stay in Koh Tao, Thailand.
That backpacker experience planted the seed for a hospitality brand blending social hostels with hotel comforts.

INSIGHT

Platform For Small Lifestyle Hotels

Onda's core thesis: build a franchise-like operations platform for sub-100-key hotels in lifestyle destinations.
The brand adapts flags (onda, family, surf) while reusing centralized systems and processes.

ADVICE

Pick Stable Jurisdictions First

Choose jurisdictions with stable law and clear property rights when buying abroad.
Prioritize countries with robust service providers and easy travel links for your target market.

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We’ve all dreamt of quitting our bland corporate jobs to buy a hotel in Costa Rica… well, today’s guest did that.

After leaving a private equity career in San Francisco, Bill Graf traded suits for surf towns and founded Onda, a hospitality brand in Costa Rica that blends the style of a boutique hotel with the social energy of a hostel.

You’ll learn:

How to uncover hidden opportunities in small hotels that big players ignore
What U.S. investors should know about buying real estate in Costa Rica
His unique strategy for keeping his properties full year-round

This episode is a blueprint for spotting opportunities where others see risk… and will certainly have you daydreaming by the end of it!

Follow along with The Hotel Investor Playbook to discover how to invest in hospitality assets the right way.

About Bill

William “Bill” Graf is the founder and CEO of ONDA, a hospitality collective in Costa Rica that blends boutique hotel comforts with the social energy of a hostel. A former investment banker and private equity professional, Bill left Wall Street in 2016 to travel the world, visiting over 50 countries and experiencing firsthand the challenges of inconsistent accommodations. Inspired to create a better model, he launched ONDA to deliver reliable, community-driven stays in lifestyle destinations where major hotel brands won’t go. Today, Bill is building ONDA into a global hospitality brand focused on culture, connection, and transformational guest experiences.

Connect with Bill

Website: www.stayonda.com

LinkedIn: linkedin.com/in/williamgraf

Instagram: @billygoat_graf and @findyouronda

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